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Monday, September 6, 2010

Vancouver, WA - VA Loans and FHA Home Mortgage Loans Info

Vancouver, WA - VA Loans and FHA Home Mortgage Loans Info

VanDyk Mortgage is your source for VA Loans and FHA Loans in Vancouver. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Vancouver Homebuyers and Clark County Homeowners to Purchase and refinance homes..

FHA Loans for Purchase and refinance

VA & VA Jumbo (aka High Balance) for Purchase and refinance

Conforming Loans for Loans for Purchase and refinance

Jumbo Loans to $3m

Vancouver FHA Loans are available up to $418,750 with just 3.5% down payment. The FHA 2010 Loan Limit for Vancouver is $418,750. Since FHA Loans over $417K are classified as FHA Jumbo, and have slightly higher interest rates, we suggest that Vancouver FHA buyers keep their loan amount to $417K to save money.

VA Loans are available in Vancouver up to $417,000 with zero downpayment. The Vancouver VA Loan Limit in 2010 is $417,000. However, Veterans are not limited to the Clark County Loan limit of $417,000 for VA Loans. We also offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25%. Here is one of our posts on how you can get a VanDyk VA Mortgage VA Loan over your county limit.

Vancouver Conforming Loans are available up to $418,750. Conforming purchase or refinance loans are available with a minimum of 5% downpayment or equity for Vancouver up to $417K. Much like the FHA Jumbo, we do not suggest utilizing the $418,750 mark in Vancouver, as the guidelines are stricter and the rate is higher. IE - put enough down to reach $417K and save money.

Vancouver Home Loan information

FHA Home loans in Vancouver, Washington:

FHA Home Loans require just 3.5% downpayment

FHA Home Loans for Refinance available up to 97.75% Loan to Value

Vancouver FHA Loans available up to $418,750

The $418,750 is the base loan amount - the Vancouver FHA Loan Limit of $418,750 does not have to include the UFMIP (FHA's Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)

This would allow you to purchase up to a $433,900 home in Vancouver with 3.5% down.

The Seller can pay up to 3% of your closing and settlement costs.

Minimum score for a FHA Home Loan is just 620

You can receive a gift of funds for your Downpayment and closing costs from Family

FHA Condominium requirements include at least a 51% owner occupancy ratio, no outstanding lawsuits against the Homeowners Association - call for details.

FHA Loans allow non-occupying co-borrowers such as parents and siblings.

VA Home Loans in Vancouver, Washington:

Active Duty Military and Veterans can both qualify

100% financing up to $417,000

A $500k Vancouver, WA VA Home Purchase would only require $20,750 downpayment (4 .15%) - not including the VA Funding Fee

A $675k Vancouver, WA VA Home Purchase would only require $64,500 downpayment (9.56%) - not including the VA Funding Fee

~VA Loans require NO Mortgage Insurance

VA Loans do require a VAFF (VA Funding Fee), which is usually financed

Veterans with a 10% or higher VA disability pay no VA Funding fee

Sellers can pay up to 4% of the VA Buyers closing costs

Conforming Home Loans in Vancouver, Washington:

Vancouver Conforming loans available up to $417,000

For Purchase and refinance

require a minimum of 5% downpayment or up to 95% LTV on Purchase loans